New York — Oil prices rose on Thursday on expectations of a hefty stockpile draw at the US oil storage hub at Cushing, Oklahoma, reversing the previous day’s loses spurred by data showing US crude output at its highest in two years. Inventories at Cushing, the delivery hub for US crude futures, declined more than a million barrels in the week to August 15, traders said citing estimates from energy industry information provider Genscape. In the latest week to August 11 for which government data was available, Cushing inventories increased nearly 700,000 barrels. Inventories in the US are closely watched as the market grapples with a global supply glut. Brent crude was up 50 cents, or 1% at $50.77 a barrel by 3.19pm GMT. US light crude was 20 cents, or 0.4%, higher at $46.98 a barrel. Both benchmarks fell more than 1% on Wednesday despite data showing that US inventories last week fell the most in nearly a year. Energy Information Administration (EIA) data showed commercial US crude s...
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